Japan's April crude import price hits record high in yen terms amid Middle East war, weak yen
TOKYO, May 21 (Reuters) - Japan's crude oil import price hit a record high in yen terms in April, according to Ministry of Finance data, driven by soaring crude prices amid the Middle East conflict and the weak yen.
The customs-cleared import price for crude oil stood at 101,389 yen ($637.8) per kilolitre, the highest since comparable records began in 1979. The previous record was 99,600 yen in July 2022, following Russia's invasion of Ukraine, according to a ministry official.
In dollar terms, the customs-cleared import price was $101.2 per barrel, the 57th highest on record.
Japan's crude import price, known as the Japan Crude Cocktail (JCC), is based on customs-cleared CIF (cost, insurance and freight) prices and reflects global crude price movements with a lag of about one month due to shipping times.
Higher JCC price raise the cost of importing crude oil and liquefied natural gas which is a main fuel used for thermal power generation, and lead directly to soaring electricity prices.
Crude oil import volumes plunged 64% from a year earlier, marking the steepest drop since 1980, another finance ministry official said.
By region, crude imports from the Middle East fell by 67.2% year-on-year to 3.84 million kilolitres. In contrast, crude oil imports from the United States rose by 38.8%.
In value terms, crude imports declined 49.9%, the largest drop since November 2020 during the COVID-19 pandemic.
Before the U.S.-Israeli war on Iran blocked most oil transport through the Strait, Japan relied on the Middle East for about 95% of its crude imports.
($1 = 158.9600 yen)
